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Offer in Compromise: Preparing Form 433b

When attempting an offer in compromise of back tax debt, you’ll need to submit the 656 form 433b, unless you are a sole proprietorship and thus you’ll complete form 1040 to account for profits and losses. The form 433-A provides the IRS with justification in setting the lowest possible offer amount you can make in seeking an offer in compromise.

How to compete the form

Section 1: This section requests basic information, such as EIN, the identity of partners, officers, and LLC members.

Section 2: Next, the form asks for business asset details. This includes the business’s banking accounts, investment accounts, and notes receivable. Additionally it also requests details of the business’s real estate, vehicles, and equipment. However, in relaying their worth, the internal revenue service allows you to exclude your equity in any income producing assets.

Section 3: In section 3 you are to provide information regarding your business income, such as average gross monthly income (supported by documentation).

Section Four is where you will relay the specifics of business expenses. This would be details such as, your average gross monthly expenses of the more recent period 6 — 12 months (all supported and verified). Now, if you do provide a profit and loss statement for this period, you can present an average amount here.

In calculating an offer

After entering the companies’ financial details, Form 433-B establishes your minimum offer amount. The 433b gives two calculations methods depending on whether you plan to pay your offer within five months or over a period of time extending beyond 5 months. If you decide to pay sooner rather than later, you may determine your minimum offer as follows:

[ 48 x Business income in excess of expenses] Total available assets

If you opt to pay the offer beyond a five-month period, your minimum offer increases to the following amount:

[Business income in excess of expenses x 60] Total assets available

Regardless of

The sixth section

In portion 6, you can expect to present details for example whether your business has filed bankruptcy before, and whether or not your company has any other affiliations that might owe money to your company. In this section, you will be asked to disclose information on whether you’ve sold assets at a discount in these past ten years.

About Seattle CPASeattle CPA+John Huddleston has written extensively on tax related subjects of interest to small business owners. Since 2002, he has owned his own small business, Huddleston Tax CPAs. He is a graduate of Washington State University and the University of Washington School of Law.